Meet woman, married to Indian billionaire who had Rs 200000000000 net worth, but sold his Rs 12000 crore company for just Rs 74 due to...
Dr. Chandrakumari Shetty, the wife of disgraced Indian-born billionaire Dr. BR Shetty, established the New Medical Center Health (NMC)– the first private healthcare provider in the UAE– in Dubai in 1975. During its initial years, Chandrakumari was the only doctor at the hospital and managed the entire facility by herself.
However, NMC has grown into the UAE's largest private healthcare provider today, with over four million patients annually across its 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil. Who is BR Shetty?
Bavaguthu Raghuram Shetty, or BR Shetty as he is popularly known, was born in a middle-income home in Udupi, Madras Presidency, then British India (now Karnataka, India), on August 1, 1942, and at the age of 31, immigrated to the Dubai in 1973 in search of better opportunities.
According to media reports, BR Shetty, who started his career as a medical representative, arrived in Dubai with just $8 to his name, and began working as a door-to-door salesman, selling medicines. However, within a brief span of time, Shetty developed contacts with several wealthy and influential people, and a few years later, established UAE's first private healthcare provider, New Medical Center Health (NMC), in Dubai.
was once counted among the wealthiest people on the planet, ranking on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019. What led to BR Shetty's downfall?
After establishing NMC, BR Shetty started to diversify his businesses and investments, ranging from health, finance, to real estate, and capital investment. Shetty's successful business ventures resulted in him amassing a large, and at one point, he had a net worth of $3 billion (around Rs 20,000 crore), earning him a spot on the Forbes list of India's 100 Richest People in 2015, and the 42nd richest person in 2019.
The Indian-born business tycoon lived a life of opulence, owned private jets and a fleet of Rolls Royce vehicles, and even bought two entire floors in the lavish Burj Khalifa, besides several luxurious villas across Dubai.
However, destiny had a cruel fate in store for BR Shetty, when in 2019 , Muddy Waters Research levelled damning allegations against his companies. In a post on X (former Twitter), the US-based short-seller posted a report revealing that Shetty's firm owed a $1 billion debt which was kept secret from the company's investors.
In its report, Muddy Waters Research alleged that Shetty had hid the debt from his investors and defrauded them by exaggerating cash flow figures. Following the allegations, the shares of Shetty's companies went into freefall, ultimately forcing him sell his Rs 12,478 crore company to the Israel-UAE consortium for just Rs 74. Who is Chandrakumari Shetty?
Dr. Chandrakumari Shetty, the wife of embattled Dubai-based Indian billionaire BR Shetty, is a trained medical doctor by profession, who along with her husband, established the NMC, UAE's first private healthcare provider, which has today grown into a healthcare giant with 45 facilities spread over 12 cities and 8 countries, including UAE, KSA, Oman, Spain, Italy, Denmark, Colombia, and Brazil.
Under Chandrakumari Shetty's leadership, NMC Health grew into the largest private healthcare company in the UAE, but following her husband's bankruptcy, she stepped down from her leadership role in the company in 2021, citing personal reasons.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
10 minutes ago
- India.com
Karnataka CM Siddaramaiah Urges PM Modi For More Central Funds For Development
Karnataka Chief Minister Siddaramaiah, on Sunday, appealed to Prime Minister Narendra Modi to give precedence to Karnataka in terms of allocation of funds. He spoke after inaugurating the Yellow Line of the Metro project, laying the foundation stone for the third phase of Metro project in Bengaluru. Chief Minister Siddaramaiah turning towards Prime Minister Modi reiterated, "I make this request to Prime Minister, that the priority has to be given to Karnataka, like how Maharashtra and Gujarat are given." Asking the dignitaries on the stage why they are laughing over his statement, the Chief Minister said that he is only requesting for additional assistance to Karnataka from the Central government. Talking about the Metro project in Bengaluru city, CM Siddaramaiah added, "The state government is providing 87.37 per cent of the funds for the Metro project, while the Central government's share is only 12.63 per cent." The Central government's partnership has also contributed to the implementation of the Bengaluru Metro project, he said. "The Central government provides financial and technical assistance for the Metro project. The state government has contributed Rs 25,387 crore for phases 1, 2, 2A, 2B, and 3 of the Metro project. In addition, an extra Rs 3,987 crore has been provided as loan repayment assistance. So far, Rs 59,139 crore has been allocated for the Metro projects. The state government's responsibility is 87.37 per cent, while the Central government's contribution from its treasury is only 12.63 per cent. The Central government has provided only Rs 7,468.86 crore," he added. "It was agreed that the Karnataka government and Central government would invest on a 50:50 basis. However, funds from the Central government have come mostly as loans, which the state government and Metro authorities must repay with interest. This has placed a burden of 87.37 per cent on the state," the Chief Minister said. Improving connectivity and making Bengaluru a global attractive city is a major step for us all to be proud of, he added. "With the inauguration of the Yellow Line, Bengaluru Metro now has a total operational length of 96.1 km, making it the longest Metro network in South India. This is a proud moment for every Kannadiga and proof of our commitment to development," CM Siddaramaiah said. He requested the Central government to provide more funds for Bengaluru's development and the nation's progress. There is mutual cooperation between the Central and state governments to provide better facilities to citizens, and he (PM Modi) expressed confidence that this partnership will grow stronger, the CM said. "The newly inaugurated Yellow Line, costing Rs 7,160 crore, connects key IT and technology hubs in Bengaluru, providing safe and fast travel for thousands of professionals, employees, and students. It is expected to serve nearly 3.5 lakh commuters daily. This is expected to greatly improve the severe traffic problems around Central Silk Board and Jayadeva Hospital," he added. "The Yellow Line also connects major biotech and IT hubs and provides easy access to important hospitals and industrial areas. The double-decker flyover constructed with state government funding from Ragigudda to Central Silk Board will improve traffic flow at one of Bengaluru's busiest junctions. This is an example of the state government's efforts to find solutions to Bengaluru's traffic issues," CM Siddaramaiah said. "Increasing urbanisation and population put tremendous pressure on city roads. Nearly nine lakh passengers use Bengaluru Metro services daily. With the addition of the Yellow Line, the number of commuters is expected to exceed 12.5 lakh," he added. "There is still a long way to go on the Bengaluru Metro route. With the operation of the second phase of the project, we will have a total of 117 km of Metro connectivity, allowing 15 lakh people to travel by Metro daily," CM Siddaramaiah said. "Phase 2A and 2B, which includes a 58 km route connecting Outer Ring Road and the airport at a cost of Rs 15,131 crore, will be completed by December 2027. This route will connect the international airport to Bengaluru city," he added. "Phase 3, a 44.65 km route costing Rs 15,611 crore, will further improve Bengaluru's connectivity. Civil work for this has started recently," he stressed. "Feasibility studies are underway for Phase 4, which involves constructing a 53 km double-decker-cum-Metro route," he said. "By 2030, the goal is to complete 220 km of metro routes in Bengaluru city, providing infrastructure for 30 lakh daily commuters," he emphasised. Private organisations such as Infosys Foundation, Biocon, and Delta Electronics have partnered in constructing Metro stations, he said. He (PM Modi) expressed confidence that public-private partnerships will strengthen Bengaluru's development efforts in the future, he added. "Karnataka contributes 35-40 per cent to the country's IT exports, with Bengaluru's share being significant. The state also accounts for more than 40 per cent of electronics and R&D exports. In this context, the government has formulated projects worth more than Rs 1.35 lakh crore, allocating resources to develop Bengaluru as a model city. Several projects are already underway," CM Siddaramaiah said. He appealed to the Central government to join hands in Bengaluru's development, which significantly contributes to the nation's economy.
India.com
10 minutes ago
- India.com
Amid Russia Oil Row, India Says Its Energy Sector Is Rising Through Global Uncertainty
NEW DELHI: Petroleum and Natural Gas Minister Hardeep Singh Puri said on Sunday that India's energy sector is rising through global uncertainty with the reforms that have been rolled out in the oil and gas sector. "While the world faces fuel volatility, India is moving ahead with reforms. Oil refining capacity in the country has increased from 215 to 258 million metric tonnes per annum (MMTPA), and Jamnagar is now Asia's largest refinery, exporting petroleum products to 100+ countries," the minister said in a post on X. Highlighting the reforms in the upstream oil gas exploration and production segment, the minister said that the open acreage licensing policy (OALP) Round 10 has unlocked 2.5 lakh sq km for further exploration and production. The clearances required for exploration have also been reduced from 37 to 18 to facilitate the ease of doing business. "Prime Minister Narendra Modi's vision is driving India's energy security through resilience with over $1.3 billion having been invested in the upstream segment to increase oil exploration and production," he said. The minister has also recently highlighted in the Parliament that India is witnessing a renewed surge in oil and gas exploration with the opening of nearly one million square kilometres of erstwhile 'No-Go' offshore areas in 2022. Since 2015, Exploration and Production companies operating in India have reported 172 hydrocarbon discoveries, including 62 in offshore areas. Puri highlighted the geological significance of the AN basin, which lies at the junction of the Andaman and Nicobar Basins within the Bengal-Arakan sedimentary system. The tectonic setting, located at the boundary of the Indian and Burmese plates, has led to the formation of numerous stratigraphic traps that are conducive to hydrocarbon accumulation. This geological promise is further amplified by the basin's proximity to proven petroleum systems in Myanmar and North Sumatra. The region has attracted renewed global interest following significant gas discoveries in South Andaman offshore Indonesia, underlining the geological continuity across the region, the minister explained. In a significant development, ONGC and Oil India Ltd (OIL) have launched an ambitious exploration campaign in the Andaman ultra-deepwater region. For the first time, drilling operations are targeting depths of up to 5,000 metres. One such wildcat well, ANDW-7, drilled in a carbonate play in the East Andaman Back Arc region, has yielded encouraging geological insights. These include traces of light crude and condensate in cutting samples, heavy hydrocarbons like C-5 neo-pentane in trip gases, the minister further stated. These findings establish, for the first time, the existence of an active thermogenic petroleum system in the region, comparable to those in Myanmar and North Sumatra. While commercial reserves remain to be established, this campaign has validated the presence of a working petroleum system and laid the foundation for focused exploration in the area, the minister said. Providing an overview of the exploration outcomes so far, the Minister informed that ONGC has made hydrocarbon discoveries in 20 blocks, with an estimated reserve of 75 million metric tonnes of oil equivalent (MMTOE). Oil India Ltd., on its part, has made seven oil and gas discoveries over the past four years, with reserves estimated at 9.8 million barrels of oil and 2,706.3 million standard cubic meters of gas.
Time of India
10 minutes ago
- Time of India
From static courses to dynamic dialogues: AI's impact on L&D
Advt Advt By , ETHRWorld Contributor Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. L&D matters, and your people value it. In a recent Korn Ferry survey of 10,000 professionals across six markets, 34% of Indian respondents named strong Learning and Development opportunities as the top reason for choosing a new role. Those aged 35-65 valued it its popularity, the traditional L&D model is on the brink of major transformation—and both corporate learners and practitioners need to prepare. Historically, Learning & Development has followed a pedagogical model akin to academic course design: interview subject matter experts, identify knowledge gaps, design a course, create content, publish it, and distribute it via a learning management system (LMS).For decades, that kind of campus/publishing paradigm shaped a successful, $400 billion industry, resulting in tens of thousands of courses in books, PPTs and online e-learning modules. However, this model never reflected how either white collar or frontline people learn at not? Unlike students in formal education, employees rarely have the time—or the motivation—to complete full-length courses unless they're mandatory. What they need, and increasingly expect, is fast, direct access to answers. And generative AI tools like ChatGPT are how they believe they'll get explosive growth from zero to 100 million users demonstrates a widespread appetite for tools that provide instant, contextual information. Tools like ChatGPT are becoming the go-to source for instant answers, demonstrating the that with how long it took even the best-regarded college/publishing model system to gain anything like equivalent traction. It took ChatGPT two months to hit 100 million users; it took Coursera eight years. ChatGPT hit half a billion users in just three months (February 2023). No L&D product has ever achieved that over be blunt. The traditional course 'publishing' model simply isn't keeping pace with the evolving needs and demands of busy people with instant access to a different but very fast and responsive way of educating the same time, one of the core challenges of traditional learning systems has been scale and localization. CHROs want courses tailored for different regions, languages, roles, and experience levels. Historically, this has required creating and managing multiple versions of the same course—an expensive, time-consuming all my 25+ years working in this field, we've never had the technology to do this effectively. But now, we do, and it's changing everything about L&D—radically, and because AI enables us to move beyond static content. With dynamic generation tools, we can input a video, audio clip, document, or dataset and use generative AI prompts to create a tailored instructional experience for a specific the same time, the capabilities of AI in a learning context are becoming increasingly impossible to ignore. One tool I've worked with allows users to simply ask, 'Build me an interactive experience on these four topics, tailored to novice learners, and make it 10 minutes long.' In just 60 to 90 seconds, I've seen the system output a polished, ready-to-use learning build that manually using traditional authoring tools like Articulate 360 or Camtasia would take several days, including content creation, design, localization, and graphics support. AI now makes this dramatically more efficient and transfer of power to the user away from L&D is all about radical decentralization. Instead of relying solely on a central L&D team to create training, business units can build their own content is particularly important in large or global organizations where needs vary significantly across regions and roles. For example, a regional sales team in Europe may require training tailored to their specific clients and regulations; a central L&D team at the Delhi-based headquarters simply can't know all the details, but with AI tools available at the local level, those teams can now create highly relevant, just-in-time training content themselves—saving everyone time and speeding up performance and value is a revolution in L&D and in Indian workplaces, the opportunity means that L&D will become an even more attractive in-work benefit for employees. We are approaching a new era in corporate learning, an era defined by speed, personalization, and traditional education-based approach will still have its place, but AI will empower organizations to deliver learning in radically new and exciting ways. L&D can, will, and must evolve from content publisher to strategic enabler, helping employees perform better, faster, and with fewer the very near future, learning technologies won't just support centralized training teams—they'll become distributed tools embedded across departments, regions, and functions. Content will be created dynamically, in context, and on you ready for a world where your people can finally learn in the flow of work?I can tell you for sure they are.
